Domino's: Into the 2Q26 Print

研报英文原文证据摘录

Domino's: Into the 2Q26 Print

Deutsche Bank

Research

Rating Company Date

Buy Domino's 9 July 2026

Forecast Change

North America

United States

Reuters Bloomberg Exchange Ticker Price at 7 Jul 2026 (USD) 313.14

DPZ.OQ DPZ US NAS DPZ

Price Target 385.00

Consumer

483.65 -

Restaurants 52-week range 283.03

Into the 2Q26 Print

Valuation & Risks

Lauren Silberman, CFA

DPZ 2Q26 Earnings Preview Research Analyst

DPZ reports 2Q26 earnings on 7/20 BMO. +1-212-250-1285

We believe DPZ is likely to put up a soft 2Q print amidst a challenging macro and

Anish Chejerla

pizza segment backdrop, while the recently announced CEO transition could signal Research Associate

risk to the near-term outlook and long-term guidance. We get the sense investors +1-212-250-9293

are already bracing for a 2Q miss and guide down, and with the stock now trading

Skyler Limber

at historically low multiples and sentiment the most negative across our coverage,

Research Associate

we believe these dynamics are largely priced in. While we recognize concerns on

+1-212-250-9185

the broader pizza category (near-term and structural), we continue to believe DPZ

is well positioned for compounding share gains in a still fragmented pizza category

Key changes

with pressured competitors. We suspect DPZ is likely to trim its growth algorithm

435.00 to

at some point to reflect current market dynamics, though this company is still a TP 385.00 ↓ -11.5%

strong business (with among the healthiest US franchise bases in restaurants) with EPS (USD) 19.27 to 18.68 ↓ -3.1%

positive top & bottom-line growth, think valuation is too depressed for the quality

Revenue (USDm) 5,251 to 5,196 ↓ -1.0%

of the business, and thus see the risk/reward as skewed to the upside.

Source: Deutsche Bank